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Transfer of equity

(13 Posts)
confuseddot Sun 02-Apr-17 09:03:03

I have a contract in place stating my ex has given all right to the house and monies to me when he left and didn't pay a thing towards it on the condition I pay £200 a month to him until I've paid £5000 in total. If I can afford more than £200 a month to pay off quicker then even better.

I'm now thinking of selling the house and buying elsewhere so a transfer of equity would now have to be done. Has anyone had this? Do you know what sort of things my other half will have to sign? Will it day how much equity of the house their is and he signs his half over to me or?

I know th ere is a contract in place that we both signed and I have stuck to the terms even though at times I have gone without food to pay him whilst he's living the high life partying. But I worry he'll try to change his mind if he sees how much equity is in the house. Even though I am the one that has decorated it. He only lived here for a total of six months before he left!

confuseddot Sun 02-Apr-17 09:05:17

My ex other half **

EyeStye Sun 02-Apr-17 09:06:29

He's surely going to want the rest of the £5k upfront if there's equity in pay him that will be released when it sells. Why should he keep waiting for instalments then?
It will completely depend on the terms of what you signed, if there's nothing about what happens if you sell before paid off he'll have to sign the sale docs and will no doubt use that as leverage to negotiate!

wowfudge Sun 02-Apr-17 09:11:12

Could you take out a bank loan at a low rate of interest and back him back in one fell swoop instead? Pay the loan off in monthly installments over five years and it shouldn't cost you a great deal. Get the title register changed to your name only and then get on with things. Don't tell him you are thinking of selling, just say you want a clean break.

confuseddot Sun 02-Apr-17 09:50:47

It says in the contract that if I were to sell then all the proceeds will go to me which he would have to sign.

We agreed the instalments because I could stay in the house and I couldn't afford the mortgage alone at the time of splitting up (says the bank not me!!)

So yeah I want to pay him off in one lump sum Whatever s left at the time of completing. Why would he want it up front before the sell of the house??? I haven't got 3800 up front... Hence installments. But when I sell the house I would pay his remaining amount.

I don't think I've explained this very well lmao.

confuseddot Sun 02-Apr-17 09:52:57

Sorry I should have explained we split up well over a year ago and I have been paying him 200 a month since the contracts been in place. He said he was happy with 5k in total cause he only put not even 3k towards the deposit.

wowfudge Sun 02-Apr-17 10:14:57

You are worried he will want some of the uplift - you have said as much. I just suggested a way of paying him off so you are not reliant on him in any way when you come to sell. I wouldn't find anything to lmao about in those circumstances.

confuseddot Sun 02-Apr-17 10:27:41

Even if I pay him off the remaining 3800 when it comes to me selling he will still have to sign a transfer of equity either way so I don't see how that makes a difference personally. What I'm asking is what the actual document for transfer of equity states.

EyeStye Sun 02-Apr-17 18:52:01

It's much less risky to get him paid off and transfer the legal title to you. If he knows you want to sell he'll see how much it's on for and could be difficult.
Is half the value of the house (not equity but value) less than £125k? If not you'll have to pay stamp duty.

EyeStye Sun 02-Apr-17 18:53:15

And no the transfer of equity form won't say what equity is in the home just how much he is receiving for his share

wowfudge Sun 02-Apr-17 19:43:49

Get the transfer of equity sorted out before you sell the house - it isn't something you can only do when you come to sell the house. Why make life difficult for yourself? I understand you don't have the outstanding balance to pay him off with available now, but you could have it without having to sell the house.

Spickle Sun 02-Apr-17 19:51:53

If I were you I would do a transfer of equity on the property first. Your solicitor can do this for you for around £300. This involves removing ex's name from the title deeds by way of a transfer (TR1) which you would both have to sign. The transfer can be at no consideration (no money changing hands) and you carry on paying ex's £200 per month as before. Then once the property is in your name, you are free to sell without ex's permission or interference.

confuseddot Sun 02-Apr-17 20:14:58

Spoke to ex and he has agreed to sell as wants ties gone ASAP. And he's quite happy with the lump sum he'll be getting as he's agreed he's done nothing to the house and wasn't in there long. Thanks All. Yes I'm guessing solicitor will do transfer of equity first then do the new mortgage in my name on the other house I'm wanting to buy. Then I'll just pay other half outright after. I can't continue to pay 200 a month to him as I won't get the new mortgage with 200 a month debt. Xx

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